Moody’s Investors Service last week upgraded the Manheim School District to Aa3 from A1 based on a strong fiscal position after several years of generating large operating surpluses. The upgrade affects $21.2 million of general obligation debt, all of it fixed rate.

The school district is located in Cook County outside Chicago in an area with a below-average economic profile. However, the area covers a large and mature tax base that is considered a credit strength, Moody’s said. The district maintains a low debt burden and has no interest-rate swap agreements.

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